Norske Skog Asa (NSKOG) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Norske Skog Asa NOK 56.80, price NOK 47.00, upside +20.9%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 14.22 – kr 74.59 · fair‑value band kr 43.36 – kr 78.39 · the kr 47.00 price screens below the kr 56.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Norske Skog ASA engages in the production and sale of publication and packaging paper products in Norway, rest of Europe, North America, Asia, South America, Central America, and Africa. It operates through Publication Paper, Packaging Paper, and Other Activities segments.
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Norske Skog ASA engages in the production and sale of publication and packaging paper products in Norway, rest of Europe, North America, Asia, South America, Central America, and Africa. It operates through Publication Paper, Packaging Paper, and Other Activities segments. The company offers publication paper products comprising newsprint, uncoated mechanical improved, supercalendered, coated mechanical, magazine paper, and book paper; and packaging papers. Its products are primarily used in magazines, periodicals, catalogues, brochures, newspapers, inserts, and for advertising purposes. The company was founded in 1962 and is headquartered in Oslo, Norway.
Stock analysis
Norske Skog Asa (NSKOG) currently trades at kr 47.00, while our model-based Fair Value estimate is kr 56.80, implying the stock looks roughly 17.3% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 81.15 per share, and 8 of the 12 models we run sit above the kr 47.00 price.
Bear case: the Earnings-Based group reads lowest at kr 11.11, and 4 of the 12 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 43.36 (bear) to kr 78.39 (bull), the price of kr 47.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Norske Skog Asa reported revenue of 9.4B NOK in FY2025 versus 9.8B NOK in FY2021, a compound −1.0%/yr. Reported net income was 405M NOK in FY2025.
Key figures
Market cap 4.0B NOK (≈ $419M) · P/E ratio 11.7 · P/S ratio 0.50 · EPS (TTM) kr 4.02 · Net margin 4.3% · Return on equity 1.6% · Return on assets (EBIT) 6.6% · Operating margin −3.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 231% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 26% fair-value upside, at 21%, NSKOG screens richer than that median.
Fair Value models
Bear kr 43.36Fair Value kr 56.80Bull kr 78.39
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 2.95 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.26/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−13.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.6%
Start year 2020 (pandemic). Over 10 years: −2.0% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−28.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−28.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−28% vs 15%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−1% → 6%
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Paper & Paper Products · 122 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Below median
Fair Value upside+17% · Above median
Profitability
Return on equity (TTM)2% · Below median
Return on assets−3% · Bottom 25%
Net margin (TTM)1% · Below median
Operating margin (TTM)−4% · Bottom 25%
Growth and dividend
Revenue growth11% · Top 25%
Balance sheet
Debt / equity0.76× · Highest 25%
Valuation Multiplesvs Paper & Paper Products median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Norske Skog Asa (NSKOG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 56.80 versus a price of kr 47.00, about +21% upside (undervalued).
What is the fair value of NSKOG?
Our model-based fair value for Norske Skog Asa is kr 56.80 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 47.00.
What is the quality score of NSKOG?
Norske Skog Asa has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Norske Skog Asa (NSKOG)?
Our model-based price target is the fair value of kr 56.80 (as of Sep 24, 2026) from 12 valuation models. Cautious scenario kr 43.36, optimistic scenario kr 78.39. It is a calculation from audited fundamentals, not an analyst target.
What is the Norske Skog Asa stock forecast for 2026?
Our models put fair value at kr 56.80, about +21% upside versus a price of kr 47.00 (undervalued). Cautious scenario kr 43.36, optimistic scenario kr 78.39. The calculation is refreshed regularly with new filings.
What is the revenue of Norske Skog Asa (NSKOG)?
Norske Skog Asa reported trailing-twelve-month revenue of about 9.6B NOK (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Norske Skog Asa (NSKOG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norske Skog Asa it is kr 56.80 per share (as of Sep 24, 2026), against a price of kr 47.00. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Norske Skog Asa stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NSKOG trades below its calculated fair value: price kr 47.00, fair value kr 56.80, a gap of about +21% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NSKOG?
No. The price is what the market pays today (kr 47.00); the fair value is what the company's own numbers justify (kr 56.80). For Norske Skog Asa the two are kr 9.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norske Skog Asa worth?
The market values Norske Skog Asa at about 4.0B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 47.00; our models calculate a fair value of kr 56.80 per share.
What do the bullish and bearish scenarios say about NSKOG?
Our models span a range for Norske Skog Asa: cautious scenario kr 43.36, base kr 56.80, optimistic kr 78.39 per share (as of Sep 24, 2026, price kr 47.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NSKOG?
Norske Skog Asa trades at a price-to-earnings ratio of 11.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 56.80 is built from several models across several years. Other multiples: P/B 0.1, P/S 0.0.
How solid is the balance sheet of Norske Skog Asa (NSKOG)?
Balance-sheet figures for Norske Skog Asa (as of Sep 24, 2026): return on equity 1.6%, debt of 0.76 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is NSKOG from its 52-week high?
Norske Skog Asa trades at kr 47.00, about 13% below its 52-week high of kr 54.20 and 231% above the low of kr 14.22 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 56.80 is for.
Which stocks are comparable to Norske Skog Asa?
From the same area (Basic Materials) we also value UPM-Kymmene Oyj, Shandong Sunpaper Co, Nine Dragons Paper (Holdings) Limited, The Navigator Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Norske Skog Asa stock attractive at the current price?
The data as of Sep 24, 2026: price kr 47.00, calculated fair value kr 56.80 (+21%), Quality Score 40/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NSKOG calculated?
We run Norske Skog Asa through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 56.80, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Norske Skog Asa currently trades 21 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Norske Skog Asa (NSKOG)?
The closing price on Sep 24, 2026 was kr 47.00. Our model-based fair value is kr 56.80, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norske Skog Asa right now?
A fairly wide model range (kr 43.36 to kr 78.39) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Norske Skog Asa
How large is the market capitalisation of Norske Skog Asa (NSKOG)?
The market capitalisation of Norske Skog Asa is 4.0B NOK (≈ $419M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Norske Skog Asa (NSKOG)?
The price-to-sales ratio of Norske Skog Asa is 0.50 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Norske Skog Asa (NSKOG)?
Earnings per share at Norske Skog Asa are kr 4.02 (price ÷ EPS = P/E 11.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Norske Skog Asa (NSKOG)?
The net margin of Norske Skog Asa is 4.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Norske Skog Asa (NSKOG)?
The return on equity (ROE) of Norske Skog Asa is 1.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Norske Skog Asa (NSKOG)?
On an EBIT basis the return on assets of Norske Skog Asa is 6.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Norske Skog Asa (NSKOG)?
The operating margin of Norske Skog Asa is −3.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norske Skog Asa (NSKOG)?
Revenue at Norske Skog Asa is growing +10.9% versus a year earlier (3y avg −13.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Norske Skog Asa (NSKOG)?
Earnings per share at Norske Skog Asa are growing −16.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Norske Skog Asa (NSKOG) generate?
The free cash flow of Norske Skog Asa is −755M NOK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Norske Skog Asa (NSKOG) carry?
The net debt of Norske Skog Asa is 4.4B NOK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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